Argent Quarterly Investment Commentary – June 2016
“Breaking up is hard to do…” – Neil Sedaka
A pre-condition to achieving good long-term investment returns is the ability to withstand a steady barrage of unpleasant news. BREXIT, the vote by the United Kingdom to remove themselves from the European Union, is just the latest example. The vote was held on June 23rd and over the next two days the U.S. stock market lost 5 percent of its value, the Japanese market lost 8 percent and the French market lost 10 percent. Then, just as quickly, most of the losses were erased in an upward surge. Needless to say, it was not a trading week for the faint-hearted.